COLOMBO: Sri Lanka continues to be a crowded market with five operators serving a population of 21 million and set for consolidation, Fitch Ratings said in a statement.
“We expect industry consolidation in India, Indonesia and Sri Lanka, as weaker telcos exit the market or seek mergers and acquisition to strengthen their competitive position,” Fitch said.
“The Sri Lankan market looks particularly crowded and ripe for consolidation. Debt-funded mergers and acquisition could threaten the ratings of acquirers in these markets.”
